New Delhi: Pertrol Prices were slashed by Rs 2.42 per litre and diesel by Rs 2.25 per litre on Friday although the government raised the excise duty on Petrol and diesel by Rs 2 per litre.
The crude oil prices have fallen by more than half since June last year. This was the second excise duty hike in the month. The earlier hike was on January 1 when the finance Ministry raised raised the basic excise duty on Petrol and diesel by Rs 2 per litre to provide for funding the infrastructure development programme of the country.
Indian oil Corporation, largest fuel retailer in the country announced that the rates will be effective from today midnight. In Delhi, Petrol will cost Rs 58.91 a litre, as compared to Rs 61.33 a litre.